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To: Bridge Player who wrote (93569)	8/28/2010 10:23:22 PM
From: tom pope	Read Replies (1) \| Respond to of 118717

IJ didn't say anything about replacing oil for power generation, did he?

To: Bridge Player who wrote (93569)	8/29/2010 9:06:30 AM
From: IRWIN JAMES FRANKEL	Read Replies (1) \| Respond to of 118717

Hi B/P, I take no issue with the data you present. Your question appropriate given my statement. Lowering the exchange rate would have a direct impact on employment in the US by lowering imports and raising exports. So what does my energy substitution statement have to do with this? Close to 2/3's of our trade deficit is from oil imports. We have to pay for those in some fashion, more borrowing abroad or essentially selling off our producing assets to pay the tab. I contend that using our own resources with appropriate financing/leveraging provided by the Fed/financial system would allow us to use our own assets (ng, coal, nukes) and that doing so would employ more of our people. IMO, the US needs to be more efficient in everything we do. Clumsy financial management and foolish regulation by the Federal government (state and local too) can only burden our system with costs that will make us less competitive internationally. Unfortunately, our political system seems to incent bickering, sound bites and spin over development and execution of solid rational policy. ij